USOIL (WTI) Slumps to $90 Low as Bulls Resume a Fresh Uptrend

Updated:

Key Resistance Levels: $80.00, $84.00, $88.00
Key Support Levels: $66.00,$62.200,$58.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in a smooth uptrend as bulls resume a fresh uptrend . On February 24, the index made an upward rally to the high of $100. Simultaneously, the index dropped sharply to the low of $90. WTI is now hovering above the $90 support. The uptrend will resume if the current support holds. On the other hand, the selling pressure will resume, if sellers break below the current support.

USOIL (WTI) Slumps to $90 Low as Bulls Resume a Fresh Uptrend
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 57 of the Relative Strength Index for period 14. The index is still in the uptrend zone and capable of a further upward move. The index price is s above the moving averages indicating a possible upward move of WTI. The 21-day SMA and the 50 –day SMA are sloping upward indicating the uptrend

USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index is in a downward move as price breaks below the moving averages. Meanwhile, on February 24 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will fall but will reverse at level 1.272 Fibonacci extension or $89.19.

USOIL (WTI) Slumps to $90 Low as Bulls Resume a Fresh Uptrend
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is below the 20% range of the daily stochastic. WTI has fallen to the oversold region of the market The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The selling pressure will end as buyers emerge in the oversold region.

General Outlook for USOIL (WTI)
USOIL (WTI) is in a downtrend as bulls resume a fresh uptrend. Buyers are expected to emerge in the oversold region to push prices upward.


You can purchase crypto coins here:Buy LBlock



Note: Learn2Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.